The GBP/USD dipped after trading above the 1.59 level earlier today Sterling is flat from yesterday’s close, holding on to gains of 1.0% in the past two sessions, buoyed by developments related to expectations for international policy action. GBP has meaningfully breached the upper limit of its two month range at 1.58, leaving it open to rally towards the psychologically important 1.60 level. Tomorrow’s GDP revision is the key release for the week, and the anticipation of an improvement should propel GBPUSD higher on relative central bank policy expectations. Regarding BoE policy, MPC member Weale (a hawk) has spoken of ‘perverse effects’ related to further interest rate cuts.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data August 23, 2012 actual v. forecast

Aug. 23

CNY

Chinese HSBC Manufacturing PMI

47.80

49.30

EUR

German GDP (QoQ)

0.3%

0.3%

0.3%

EUR

German GDP (YoY)

0.5%

0.5%

0.5%

EUR

French Manufacturing PMI

46.2

43.6

43.4

EUR

German Manufacturing PMI

45.1

43.4

43.0

SEK

Swedish Unemployment Rate

7.00%

7.20%

8.80%

EUR

Manufacturing PMI

45.3

44.2

44.0

NOK

Norwegian GDP (QoQ)

1.2%

1.0%

1.5%

GBP

BBA Mortgage Approvals

28.4K

28.2K

25.9K

GBP

CBI Distributive Trades Survey

-3

15

11

USD

Initial Jobless Claims

372K

365K

368K

USD

Continuing Jobless Claims

3317K

3300K

3313K

USD

New Home Sales

365K

350K

Upcoming Economic Events that affect the CHF, EUR, GBP and North American markets

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